Weekly Cup and handle pattern on german MDAX stock KLOECKNER
Updated
This is one of my favourite german stocks currently.
I bought around 10.20€ and looking to add further if we get a dip into the 9.90-9.70€ area.
Stop is below 9€ for now, but its more an emergency stop, i dont think it will fall this far, but one never knows, its important to have a stop.
Its just a perfect technical setup and i am seeing great possibility for a big move higher.
Also the fundamentals are nicely lining up, they posted their best earnings report in 6 years last quarter.
So i am expecting a nice turnaround story on this german steel manufacturer.
I bought around 10.20€ and looking to add further if we get a dip into the 9.90-9.70€ area.
Stop is below 9€ for now, but its more an emergency stop, i dont think it will fall this far, but one never knows, its important to have a stop.
Its just a perfect technical setup and i am seeing great possibility for a big move higher.
Also the fundamentals are nicely lining up, they posted their best earnings report in 6 years last quarter.
So i am expecting a nice turnaround story on this german steel manufacturer.
Trade active
Another small cup and handle pattern is forming in the handle of the big weekly pattern. See chart:Entered 9.80€ Stops below 9€. Target for now 13€.
We are having a 3:1 Risk:reward for a potential of 8:1 later on.
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